Regulatory News:
TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT) announces it has entered into
exclusive negotiations with a consortium comprising Snam, EDF and GIC1
that has submitted a firm offer to acquire all outstanding shares of
Transport et Infrastructures Gaz France (TIGF). The offer values the
company at €2.4 billion.
The proposed sale is aligned with Total’s active portfolio management
strategy.
"The consortium selected, consisting of industry-leading operators
and long term investors, will support TIGF in its further development,
while meeting the commitments made to TIGF’s employees and partners”,
said Christophe de Margerie, Chairman and CEO of Total.
Total initiated dialogue with employee representatives from the
commencement of the process leading to an agreement — "Undertakings in
Case of the Sale of TIGF” — that was signed on January 23. In
particular, the agreement includes provisions concerning maintaining
jobs, benefits and TIGF’s headquarters in Pau.
The proposed sale is subject to information and consultation procedures
with the relevant employee representative bodies, including consultation
with relevant authorities.
TIGF provides gas transmission and storage services in 15 departments in
southwestern France. It manages a network of about 5,000 kilometers of
pipeline that carries 13% of the total volume of gas transported in
France and operates 22% of the country’s gas storage capacity. With
almost 500 employees, TIGF generated revenues of over €350 million in
2011 (www.tigf.fr).
* * * * *
Total is a leading international oil and gas company with operations in
more than 130 countries. We are also a world-class chemical producer.
Our 96,000 employees put their expertise to work in every part of the
industry — exploration and production of oil and natural gas, refining
and marketing, new energies, trading and chemicals. Total is working to
keep the world supplied with energy, both today and tomorrow. www.total.com
1
GIC:
Government
of Singapore Investment Corporation
TOTAL S.A.
Capital 5 914 832 865 euros
542 051 180
R.C.S. Nanterre
www.total.com
